USD/CHF Price Analysis: Hovers around 0.9200, in search of fresh direction

• USD/CHF rebounds but keeps its recent trading range around 0.9200.
• Risk-on mood weighs on the safe-haven Swiss franc this Monday.
• The spot is stuck between key averages as RSI holds flat at 50.00.

USD/CHF is attempting a bounce above 0.9200, although remains confined within the recent trading range, as investors look forward to the Fed decision for a fresh direction.

The persisting risk-on market mood, amid easing fears over the Omicron covid variant on the global economic recovery, dampens the sentiment around the safe-haven Swiss franc.

The major draws support from the rebound in the US Treasury yields and the greenback, in absence of any important macro data due for release on Monday.

From a short-term technical perspective, USD/CHF is locked in a tight range between the horizontal 50-Daily Moving Average (DMA) at 0.9221, which guards the topside.

Meanwhile, the 100-DMA at 0.9202 keeps the downside cushioned. A lack of clear directional bias can be attributed to the 14-day Relative Strength Index (RSI) trading flat at the 50.00 level.

The leading indicator is at a coin flip level, with the spot awaiting a range breakout.

USD/CHF: Daily chart

A firm break above 50-DMA could call for a rally towards 21-DMA at 0.9254. Further up, the 0.9300 round figure could be tested.

Meanwhile, the critical 200-DMA at 0.9181 will be the level to beat for USD/CHF bears.

USD/CHF: Additional levels